Gran Tierra Energy agrees to sell Colombia, Ecuador oil business to Maurel & Prom for USD 1.33 billion
GTE•Expected proceeds, timing and planned use of cash
Gran Tierra expects about USD 315 million in net cash proceeds, including about USD 250 million at closing and USD 65 million due 364 days later.
Closing is targeted around Dec. 31, 2026, with an economic effective date of March 31, 2026.
Gran Tierra expects to be debt-free at completion and plans include a share repurchase and funding growth in Canada and Azerbaijan.
Gran Tierra agrees to sell Colombia and Ecuador oil business
Gran Tierra Energy agreed to sell its Colombia and Ecuador oil business to Maurel & Prom for total consideration of USD 1.33 billion.
The consideration includes Maurel & Prom assuming Gran Tierra’s 9.750% Senior Secured Amortizing Notes due 2031, 9.500% Senior Notes due 2029, and the prepayment facility.
